Wells Fargo & Company Announces Increased Dividend

Wells Fargo & Company Announces Increased Dividend
Business Wire
SAN FRANCISCO -- January 22, 2013
Wells Fargo & Company (NYSE: WFC) today announced a quarterly common stock
dividend of $.25 per share, an increase of three cents, or 14 percent, per
share from the prior quarter. The dividend is payable March 1, 2013, to
stockholders of record on February 1, 2013, as approved today by the Wells
Fargo board of directors. Wells Fargo has approximately 5.3 billion shares
outstanding.
This dividend increase for the first quarter of 2013 was part of the company’s
2012 Capital Plan that the Federal Reserve did not object to in March, 2012.
Wells Fargo submitted its 2013 Capital Plan on January 4, 2013, and it is
currently under review by the Federal Reserve.
“The dividend increase approved by our board today was included in our 2012
Capital Plan and reflected the confidence we have in our company’s
performance,” Chairman and CEO John Stumpf said. “We remain committed to
returning more capital to our shareholders. We requested an increase in
capital distributions in our 2013 Capital Plan as compared to our 2012 plan,
subject to review and non-objection by the Federal Reserve Board.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.4 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial finance
through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com),
and has offices in more than 35 countries to support the bank’s customers who
conduct business in the global economy. With more than 265,000 team members,
Wells Fargo serves one in three households in the United States. Wells Fargo &
Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy all our customers’ financial
needs and help them succeed financially.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about future capital
distributions by Wells Fargo. Forward-looking statements speak only as of the
date made, and we do not undertake to update them. The amount and timing of
any future capital distributions, including common stock dividends or
repurchases, are subject to regulatory approvals and conditions, and will
depend on a number of factors including: the earnings, cash requirements and
financial condition of Wells Fargo; market conditions; Wells Fargo’s capital
requirements (including under Basel capital standards); Wells Fargo’s common
stock issuance requirements; applicable law and regulations (including federal
securities laws and federal banking regulations); and other factors deemed
relevant by Wells Fargo’s Board of Directors.
Contact:
Wells Fargo
Ancel Martinez, 415-222-3858 (Media)
Jim Rowe, 415-396-8216 (Investors)